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Holding off of funds, a freeze or a permanent closure of the account are serious issues that should be avoided at any cost. Let’s read a little more about why banks are forced to take these drastic steps.
- Do Not Cross the Monthly Volume and Ticket Size
The moment the bank will notice an unusually high volume or high tickets they might withhold the funds. The best way to avoid this situation is to keep your bank and provider informed about any expected high volume periods. This is especially important in season months, during festivals or sales.
- Only Sell What You Committed To Sell
Any suspicious sales that feature goods that do not figure on the list of goods to sell will get the bank alarmed. Whenever new items are added or a new line of goods is introduced it makes sense to keep the bank informed. As obvious new goods will change the sales expected figures, hence the necessity to keep the communication open.
- One Account for One Type of Business
If you think that the bank forgets about you once you sign on the dotted line, then you are in for a rude shock. The moment an account will be used for two kinds of businesses, expect a termination immediately. It is strongly advised to have different accounts for separate businesses.
- Keep Chargebacks to Minimum
Although they cannot be avoided, it makes sense to minimize charge backs in order to have a good record in the long run. The moment the chargeback figure rises, a red flag is raised in the bank, which can lead to stringent action.
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